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Russia Building Up Shipping Fleet to Transport Oil Amid Price Cap Coalition

© Sputnik / Sergey Guneev / Go to the mediabankLiquefied natural gas tanker Grand Aniva at first LNG plant in Russia
Liquefied natural gas tanker Grand Aniva at first LNG plant in Russia - Sputnik International, 1920, 14.03.2023
WASHINGTON (Sputnik) - Russia is developing a fleet of ships to transport oil worldwide amid a multilateral price cap coalition on Russian oil products, Assistant Treasury Secretary for Economic Policy Ben Harris said on Tuesday.
“Russia is trying to build up a shipping fleet,” Harris said during an interview with the American Enterprise Institute. “They produce a lot of oil. It takes a lot of ships to ship seven million barrels a day, and they’re not close to being able to control all of this yet.”
Harris characterized the project as a “ghost fleet” due to its unknown size.
The fleet’s development comes after the United States and other partner nations imposed a price cap on Russian oil products in an attempt to reduce the country’s revenues amid the conflict in Ukraine.
Russian President Vladimir Putin meets with staff members during his visit to the Ulan-Ude Aviation Plant - Sputnik International, 1920, 14.03.2023
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The Treasury Department has not seen evidence of evasion of the price cap by Russia, Harris added.
The Group of Seven (G7) is set to reevaluate the price cap this month to determine if any recalibrations are needed.
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